Financial News

Don’t Let That Place In The Sun Turn Into A Nightmare

Expats and investors who buy a home in the Spanish sunshine have been warned not to rush into making an offer on a property without carrying out legal checks.

Brits buy more homes in Spain than any other overseas nationality – and the number is climbing fast, according to the Foreign and Commonwealth Office in London.

In 2015, 9,700 homes were bought by Brits, an increase of nearly 50% on the 6,700 homes purchased in 2014.

Consular director for Europe Will Middleton cited low property prices, better weather and a cheap cost of living as the main attractions luring British buyers.

But he explained that some dreams of retiring to the sun are shattered because buyers do not apply the same legal due diligence to buying a home overseas as they do when purchasing property in Britain.

Buyers urged to take independent advice

“Property law is a lot different for home buyers in Spain than it is in the UK,” said Middleton.

“Buyers should look for independent professional legal advice and make checks to confirm the property has all the necessary permissions before committing to a purchase.

“We have seen many buyers rush into a purchase only to end up in a legal and financial mess afterwards.”

One couple whose dream of a comfortable retirement is Spain was shattered by legal and planning problems is Helen and Len Prior.

They moved into a 375,000 euro villa near Vera, Andalucia in 2003.

‘Illegal’ villa bulldozed

Five years later, their home was bulldozed by the local council. The council claimed the house had no planning or licensing.

Despite this, their solicitor had advised the property licences were in order and told them to proceed with the purchase.

Legal rows about illegal home building in Andalucia rumble on. Protest groups estimate around 300,000 properties are affected and are seeking compensation.

The Spanish government has changed the laws regarding planning to legalise many of these homes, but many expats have had their properties demolished and have run up huge bills for legal costs in an effort to win compensation.

Find out more on the AUAN web site (Abusos Urbanisticos Almanzora No)

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